Posted on 03/09/2023 1:38:08 PM PST by ChicagoConservative27
President Joe Biden on Thursday proposed raising the corporate tax rate from 21 percent to 28 percent, a scheme that will likely burden both large and small businesses.
While the term “corporation” is widely used to depict large companies such as Microsoft, Walmart, and McDonald’s, C-corporations are both small and large businesses, the most prevalent of corporations. Individual shareholders of C-corporations already have profits taxed both on a corporate and personal level (double taxation).
In addition, small businesses account for 65.1 percent of net new jobs created from 2000 to 2019 and comprise 99.7 percent of firms with paid employees, according to the Small Business Administration (SBA). About 31 million small businesses exist in the United States. Eighty-one percent, or 25.7 million, have no employees (run and operated by a single person).
Biden announced a proposal on Thursday in Philadelphia to raise the corporate income tax by seven points, mostly erasing the Trump-era tax cuts Republicans enacted.
“The Budget would set the corporate tax rate at 28 percent, still well below the 35 percent rate that prevailed prior to the 2017 tax law,” the proposal reads.
(Excerpt) Read more at breitbart.com ...
He has no control over that and he knows it.
This is just red meat for his stupid base.
The are intent on killing small businesses because they can’t control them like they can large companies.
What’s the over/under on how much revenue will drop under such a plan?
That's the point. Larger corporations can more easily absorb the higher taxes. The smaller businesses cannot - all amount stomping out the annoying middle class for the big rich tycoons to have less competition. It's the liberal Democrat way.
That's the point. Larger corporations can more easily absorb the higher taxes. The smaller businesses cannot - all about stomping out the annoying middle class for the big rich tycoons to have less competition. It's the liberal Democrat way.
Just part of the plan. Do we have to wonder why he didn’t propose this Budget when Nancy and Chucky were in charge? He knew it would be a Failure
Biden loves unions and big corpations. Small firms can go blow.
Yeah, good luck getting it to pass the house
So that’s why the Dow dropped 400 points?
What's that? During the Trump days when your 401k was worth something and increasing, he'd tax the gains that you had not yet taken.
No mention of giving you a tax break when he killed your 401k though.
The demented one torpedoing the mom and pop’s businesses for his Big Business buddies.
He didn’t get the corp tax increase when the Dem’s controlled both houses.
Customers pay the taxes AND pay for the accountants and lawyers who collect and remit the taxes.
So much for not raising taxes on anyone earning less than 400k, this costs everyone and is regressive....like the inflation "tax".
They controlled everything for two years yet did nothing about the “racist, benefits rich man, hurts the poor, Trump” tax plan.....
These people are so full of crap...
I thought congress had to authorize tax rate increases. True?
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